Corporate Bonds And M&A: A Complex Relationship

There are always two sides to a relationship and this applies to that between corporate bond financing and M&A. First we have the impact of the corporate bond boom on M&A activity. In Q1-Q309, many a company seeking M&A financing turned to the corporate bond market, as bank loans were not available or simply not affordable. The bond market was flush with institutional and retail investor cash in search of the yield which had vanished from the equity and money markets. It turned into a natural source of M&A funding. Among the many companies who chose this option, Roche stands

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